Data released by the Philippine Economic Zone Authority (PEZA) showed a dramatic 36.4% decline in investment commitments, mostly by foreign investors for the export market, during the two years of the Duterte administration. Among other reasons, PEZA cited the uncertainty among American IT and BPO firms to invest in the country because of the anti-globalization policy of the Trump administration. The proposed second package of the government’s comprehensive tax reform program, which may remove incentives of foreign investors, also created a dark cloud of uncertainty. From July 1, 2017 to June 30, 2018, investments registered by PEZA reached only P170.417bn, down from P268.364bn of committed investments made in the first year of the Duterte government. Combined, there was a total of P438.781bn investment approved by PEZA in the first two years of the current administration.
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